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With two consecutive quarters of contracting Gross Domestic Product, Japan is officially back in recession. GDP shrank 1.6% annualized.Unadjusted for price changes, the Japanese economy contracted an annualized 3 percent, the Cabinet Office said.None of this was "expected". We will explore "why" in a moment. First consider some headlines. Bloomberg: Japan Unexpectedly Enters Recession as Abe Weighs Tax.

LONDON — Britain’s economy contracted by a worse-than-expected 0.3 percent in the last three months of 2012, raising the possibility that it might fall back into recession for the third time since the global financial crisis. The Office for National Statistics said Friday that there was no growth in the nation’s big services industry while output of production industries fell by 1.8 percent, including a 1.5 percent drop in manufacturing. Britain emerged from a nine-month recession in the third quarter, when GDP grew by 0.9 percent.

LONDON — Britain’s economy contracted by a worse-than-expected 0.3 percent in the last three months of 2012, raising the possibility that it might fall back into recession for the third time since the global financial crisis. The Office for National Statistics said Friday that there was no growth in the nation’s big services industry while output of production industries fell by 1.8 percent, including a 1.5 percent drop in manufacturing. Britain emerged from a nine-month recession in the third quarter, when GDP grew by 0.9 percent.

(LONDON) — Britain’s economy contracted by a worse-than-expected 0.3 percent in the last three months of 2012, raising the possibility that it might fall back into recession for the third time since the global financial crisis. The Office for National Statistics said Friday that there was no growth in the nation’s big services industry while output of production industries fell by 1.8 percent, including a 1.5 percent drop in manufacturing.

(LONDON) — Britain’s economy contracted by a worse-than-expected 0.3 percent in the last three months of 2012, raising the possibility that it might fall back into recession for the third time since the global financial crisis. The Office for National Statistics said Friday that there was no growth in the nation’s big services industry while output of production industries fell by 1.8 percent, including a 1.5 percent drop in manufacturing.

Britain has reached the “symbolic milestone” of clawing back all the losses it suffered during the Great Recession, a leading think-tank said on Tuesday, while strong manufacturing figures added to evidence that the recovery is broadening out, reports The Telegraph.

ATHENS — Greece’s jobless rate hit a new record high of 27.6% in May, official national data showed on Thursday as the country staggers under austerity linked to its international bailout.
Data showed that those aged 15 to 24 remained the hardest-hit as the jobless rate for this age group registered 64.9%.